4/6/2023 0 Comments Mover company![]() ![]() This strategy involves a significant amount of risk because the company must have new and innovative technology, which is risky and expensive. Innovate before the competition does, whether that means filing a patent for the product, or simply being the first company to announce a new product.one where many companies produce similar products), but it is likely to be successful if there is no similar product available. This strategy won’t be as successful in a competitive industry (i.e. A first mover can create a new market and dominate it because the first mover has created the need or want for the product. A first mover that creates a new market is not threatened by competitors entering the market later.Instead of competing against Barnes & Noble for the digital reading market, for example, Amazon created the market by selling e-books to begin with, and then also selling the Kindle, its e-book reader. Create a new market instead of going after the existing one.The Kindle was the first e-reader on the market, but Amazon continually improved the product by adding features and lowering the price until it beat out its competition. The Amazon Kindle is a prime example of this strategy. The first mover can enter a new market with a product as good as or better than the competition, and then improve upon it until it wins over the customers. By constantly improving your product, the product will stay ahead of the competition, but–just like the me-too car salesman–at a lower price. A successful strategy involves “me-too” improvements. ![]() If Apple comes out with a new, faster iPhone, improve upon it by having an even faster, or even better, phone. Innovate first, and then stay ahead of the competition by constantly improving your product.The first mover can take three strategies: The Nook (from Barnes and Noble) and the BlackBerry are examples of first movers that failed because they were unable to maintain the lead in their respective industries. But not every attempt to be first is successful. The goal of a first mover is to become the dominant supplier in the industry by being the original inventor of the technology, product, or service offering. Disadvantages of Being a First Mover What is First Mover Strategy? ![]()
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